“Magnesium alloys market projected to grow at a CAGR of 12.7% during forecast period”The magnesium alloys market is estimated at USD 1.30 billion in 2018 and is projected to reach USD 2.37 billion by 2023, at a CAGR of 12.7% during the forecast period. The major factor driving the growth of the market is the increasing demand for magnesium alloys from the automotive & transportation applications due to fuel efficiency and emission regulations. However, the uncertainty of magnesium prices may restrain the growth of the market.

“Cast alloy projected to be the fastest-growing alloy type segment of magnesium alloys market during forecast period.”Magnesium alloys possess excellent casting properties and cast alloys are cheaper than wrought alloys. In addition, issues such as low extrusion rate of and formability at room temperature of magnesium alloys have made it challenging to use magnesium alloys in the form of wrought alloys. The growing demand from automotive & transportation, aerospace & defense, and electronics end-use industries for cost-efficient alloys is driving the growth of the cast alloy segment.

“Asia Pacific expected to be the fastest-growing market for magnesium alloys during forecast period”Asia Pacific is expected to be the fastest-growing market for magnesium alloys during the forecast period, with China leading the market in 2017. The magnesium alloys market in the Asia Pacific region is driven by the increasing consumption of magnesium alloys products in the automotive & transportation and electronics applications.

This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into following three categories:By Company Type: Tier 1—50%, Tier 2—25%, and Tier 3—25%By Designation: C Level—42%, Director Level—33%, and Others—25%By Region: North America—36%, Europe—36%, Asia Pacific—21%, and RoW—7%

Research CoverageThis report covers the market for magnesium alloys and forecasts the market size until 2023. The report includes the market segmentation by alloy type (cast alloys, wrought alloys); end-use industries (automotive & transportation, electronics, aerospace & defense, power tools, others); and region (North America, Europe, APAC, Latin America, Middle East & Africa). The Porter’s Five Forces analysis, along with drivers, restraints, challenges, and opportunities have been discussed in the report. The report also provides company profiles and competitive strategies adopted by major players in the magnesium alloys market.

Key Benefits of Buying the ReportThe report will help market leaders/new entrants in this market in the following ways: 1. The report segments the magnesium alloys market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.

2. The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.

3. The report will help stakeholders better understand competitors and gain insights to better their position in the business. The competitive landscape section includes new product developments, partnerships, exhibitions, and mergers & acquisitions.